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"Hair and Beauty Salon Business": How to Get Started

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With each passing year, women spend more and more for beauty and appearance; that's a fact we can't ignore. The hair and nail industry, by itself, is a massive $56 billion industry in the U.S. alone, and it's still growing rapidly with each passing year, and the prestige beauty industry is also a massive $16 billion one.

With that in mind, there's no better time to enter the industry, provided you got the knack and passion for the beauty industry. To start small, we can start with a hair and beauty salon business, which is relatively cheaper to start monetary wise.

With more premium salon being normal nowadays, this business has a relatively high earning potential, as well as tremendous expansion possibilities.

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Here are some important considerations to help you get started.

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1. Startup Cost
The startup investment required will largely dependent on your rent/lease cost, that can vary widely among various locations. As a rule of thumb, we should have six months of rent ready as a startup capital. This can save you from trouble and confusion later on. On average, your rent cost will be around $5,000 a month for a medium sized space, so we should prepare $30,000 cash in hand. Depending on your service, your equipment cost also will vary, but for an average full-service beauty salon equipment, you will need another $30,000. Of course, second-hand equipment will cost you less, but make sure it's in good condition.

2. Licenses and permit
To legally operate, you will need a beautician's or cosmetologist's license. If you have the passion for the job, you can apply for yourself. However, hiring or partnering up with a licensed beautician is also an option, and you can focus on the business side of things. Consult your local authorities for other license and permit requirement depending on your location.

3. Location
The location will be one of the main factors of success in this business. Getting a location within or near a busy shopping mall or department store is ideal. However, the rent cost can be astronomical. Try to find a good balance between location and rent cost.

4. Long Working Hours
This industry might require long working hours as well as the requirement to operate on weekends, where salons tend to be the busiest. Keep this in mind as a consideration.

5. Insurance
Third-party liability insurance is usually required for this business, depending on your location. Even when it's not, it's an essential option to have to avoid being sued over injuries or theft happening on your premises. Better safe than sorry.

Earning Potential

With the U.S. national average salary for beautician being $20,000 annually, as a salon owner your potential is certainly higher than that. A typical, averagely performing salon with three beauticians can earn around $ 75,000 a year, but top performing ones can make hundreds of thousands annually.

When you're established, you can opt for an expansion to other location or renovate to include a spa, which when done right can significantly increase your earning potential. Because this business is labor-heavy, your primary concern should be to manage labor costs, as well as other operational expense, to keep the profit margin healthy, with the industry average being 5.5% after you take your own salary.